(Worthy News) – U.S. employers added 187,000 jobs last month, fewer than expected, as the higher interest rates continued to weigh on the economy. But the unemployment rate dipped to 3.5% in a sign that the job market remains resilient.
Hiring was up from 185,000 in June, a figure that the Labor Department revised down from an originally reported 209,000. Economists had expected to see 200,000 new jobs in July.
Still last month’s hiring was solid, considering that the Federal Reserve has raised its benchmark interest 11 times since March 2022. And the Fed‘s inflation fighters will welcome news that more Americans entered the job market last month, easing pressure on employers to raise wages to attract and keep staff. [ Source: Washington Times (Read More…) ]
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